SunTec, the leader in revenue management and customer experience orchestration, today announced its partnership with Union National Bank (UNB), one of the leading domestic banks in the United Arab Emirates. Through this win, SunTec will enable seamless computing and invoicing of Value Added Tax, without causing disruptions to UNB’s existing systems.
Commenting on the corporation, Nanda Kumar – Founder and CEO of SunTec, said, “We are proud to be the partner of choice for United National Bank in their journey towards VAT compliance. Xelerate for VAT has been designed to ensure that all taxable transactions across different applications are accurately computed for smooth business operation. This is achieved by integrating all key systems with a single over-the-top (OTT) VAT solution that can become a real-time basis for tax computation.”
SunTec’s Xelerate for VAT has been specifically developed for the Gulf nations to cater to the newly added complexity of taxes. It is uniquely designed to be an over-the-top (OTT) solution and can easily integrate with the existing technology landscape of UNB. This ‘out-of-the-box’ solution integrates multiple back-end systems and ensures banks’ and financial institutions’ smooth journey towards VAT compliance.
VAT is the first step that the GCC countries have taken towards a tax regime. All industries are affected by this, including banking and financial services which is one of the major industries SunTec caters to. Companies with presence in multiple GCC countries will likely see manifold increase in complexities over time. It is imperative to streamline operations so that service offerings are not compromised and the financial institutions maintain the competitive edge.